Swiss Business Profile

Switzerland's Economy

The Swiss economy entails a mixed community of craft-based industries: Swiss precision manufacturing such as watch-making is well known throughout the world. The country has a large percentage of industrialized exports of finished goods, equivalent to just under half of the total Swiss GDP. Deficient of its own raw materials, the majority of them must be imported to Switzerland. With respect to manufacturing, the machine industry specializes in advanced precision and technological equipment such as tools, printing and photomechanical machinery, medical and electronically controlled equipment. The chemical industry is substantially strong as well, with a work force that continues to grow, reaching past ten percent. Niche markets are being adeptly exploited across a panoramic range of products and industries. About half of the food in Switzerland is imported, even though the agriculture industry is a strong employer. Commodities such as chocolate, cheese and baby foods have a renowned international profile from Switzerland's processed foods industry.

Swiss banking dominates the service sector, where discretion has attracted a reputation for large deposits. The Government has come under some pressure to allow disclosure in the course of criminal investigations: acknowledging the international climate, the Swiss authorities have generally responded more flexibly of late. Switzerland remains as one of Europe’s major financial centers. Tourism is a growing number for the service industry as of late, with around ten million visitors annually contributing $7 billion to Switzerland's economy.

Having gone through a dry spell during the 90's, as a reflection of conditions throughout Europe, the future growth of the economy largely depends upon the developments among neighboring countries and trading partners.

Suprisingly, Switzerland is not a member of the European Union, although the majority of its exports are sold to EU members. It is not likely that Switzerland will join in the near future, as a recent poll rejected even membership of the European Economic Area (a body created to minimize the economic barriers between the EU and the European Free Trade Association (EFTA), to which Switzerland does belong. May 1992, marked the day Switzerland gained admission to the IMF and World Bank. Switzerland’s major export markets are Germany, France, Italy, the UK as well as the USA.

Swiss Business Practices

Suits are expected to be worn by business professionals. Visitors may get along speaking only English, although it is always appreciated if a visitor attempts to communicate a few words in the national language. Visitors are required to have a visiting card when visting a firm. Typical business hours are: Mon-Fri 8:00-12:00 and 2:00-4:00.

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